Steel products manufacturer Tashin Holdings Bhd will issue 59.33 milion new shares of 17% of the enlarged share capital as it seeks to list on the ACE Market of Bursa Malaysia.

It said on Tuesday that of the 59.33 million new shares, it would offer 17.45 million units to the public via balloting; 8.72 million shares for eligible directors and employees as well as eligible directors and employees of the Prestar Group Bhd. Prestar Group owns 51% of Tashin.

Tashin would also offer 17.45 million shares to Prestar's shareholders while the remaining 15.71 million would be placed out to approved bumiputera investors.

Its shareholders would also place out 55.49 million shares to selected investors and approved bumiputera investors .

Lim said this listing exercise would enable Tashin to strengthen its position in the steel processing and steel manufacturing industries.

Since it was set up 18 years ago, Tashin has ventured into processing of steel coils into steel sheets, manufacturing of steel products comprising, steel pipes, flat bars, square bars, expanded metals, checkered plates and C Purlins as well as trading of steel products.

“By being a listed entity, we hope to further increase confidence among our investors, stakeholders and customers while we continue to work towards enhancing the long-term value of our company by providing quality products across our steel processing and steel manufacturing divisions,” Lim said.

Proceeds from the IPO would mainly be used to expand into the production of wire mesh products and to upgrade the existing steel processing line, purchase of a piece of industrial land for a new factory.